Bain Capital and Smith Hill Capital鈥檚 US hospitality real estate lending partnership has refinanced a BLDG Management and Metrovest Equities-owned oceanfront resort in New York.
The private lending partnership has completed a $235m (鈧�207m) refinancing for the Gurney鈥檚 Montauk Resort & Seawater Spa in Montauk.
The 158-key property is situated on a 2,000-foot private beach in Montauk. Gurney鈥檚 Montauk Resort & Seawater Spa鈥檚 accommodations include 109 guestrooms, 35 suites, eight beachfront cottages and six residences.
Brendan McCormick, managing principal at Smith Hill Capital, said: 鈥淕urney鈥檚 Montauk represents the type of irreplaceable, generational asset that aligns perfectly with our investment strategy鈥攁nchored by strong market fundamentals, exceptional sponsorship and long-term value creation.
鈥淓ven in today鈥檚 uncertain capital markets, we continue actively deploying capital for high-conviction opportunities like this. We鈥檙e proud to partner with Bain Capital and support BLDG and Metrovest in the continued evolution of this iconic resort, which is uniquely positioned as a luxury destination in one of the most sought-after leisure markets in the country.鈥�
David DesPrez, a partner at Bain Capital, said: 鈥淭he Gurney鈥檚 Montauk loan exemplifies our strategic approach to commercial real estate lending.
鈥淭his transaction underscores our commitment to providing flexible financing solutions to high-quality borrowers and assets through an uncertain macroeconomic environment.鈥�
Justin Kleinman, EVP and COO at BLDG Management, said: 鈥淕urney鈥檚 Montauk is an exceptional and iconic property in a one-of-a-kind location with world-class amenities. This property is a premier resort destination in the Northeast and is an elite asset in our portfolio.鈥�
Christopher Peck, senior managing director and co-head of the New York office, JLL, said: 鈥淪mith Hill Capital and Bain Capital proved to be outstanding lending partners on the Gurney鈥檚 project. The team鈥檚 expertise and collaborative approach were invaluable in financing this unique asset.
鈥淭hey immediately recognised the exceptional value of this 20-acre resort in Montauk, and their flexible lending solutions perfectly aligned with the sponsors鈥� requirements.鈥�
JLL represented the sponsors in the transaction.
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